Changes in which of the following do NOT shift the AS curve? i. the price level ii. potential GDP iii. the money wage rate
A) i only
B) ii only
C) iii only
D) i and ii
E) i, ii, and iii
A
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The point where quantity demanded and quantity supplied are equal is known as the
a. ceiling price. b. minimum price. c. equilibrium price. d. administered price.
When, because of hiring and firing costs, firms retain workers in a recession that they would otherwise lay off, there is said to be
A) labor hoarding. B) a decline in capacity utilization. C) voluntary unemployment. D) involuntary unemployment.
Until the 1980s, most of the national debt was
a. owned by foreigners. b. acquired either during wars, especially World War II, or during recessions. c. owned by banks. d. financed by printing money.
The law of supply implies that
A. Supply curves are flat. B. A change in a determinant of demand shifts the supply curve. C. Supply curves are downward-sloping to the right. D. Supply curves are upward-sloping to the right.